Saudi Arabia’s Public Investment Fund (PIF) has priced its inaugural sterling bond offering of 650 million pounds ($830.3 million) under its existing Euro Medium-Term Note programme.

PIF said the dual-tranche offering was more than six times oversubscribed, comprising $383.2 million for a 5-year coupon and $447 million for a 15-year note.

On Tuesday, fixed income news service IFR had reported the indicative price for the debt sale has been placed around gilt + 135 basis points for 5-year notes and gilt + 145 bps for its 15-year notes. 

The sovereign fund, which manages around $940 billion in assets, is rated A1 by Moody’s with a positive outlook and A+ by Fitch with stable outlook.

(Reporting by Bindu Rai, editing by Seban Scaria)